Cybersecurity in Financial Services Market - What Factors will drive the Cybersecurity in Financial Services Market in Upcoming Years and How it is Going to Impact on Global Industry | (2019-2027)

Cybersecurity involves a set of techniques that are designed to protect the integrity of networks, programs, and data, from unauthorized access, cyberattacks, and damages. Of late, cyberattacks in the financial services sector have increased manifold. Cyberattacks against financial services firms increased by over 70% in 2017, which reflects that the financial services sector is currently vulnerable to such attacks. In the future, adoption of effective cyber security techniques will become a necessity to reduce the risk of cyberattacks and illegal use of systems, networks and technologies.

According to Netscribes, the global cybersecurity in financial services market is expected to expand at a CAGR of 9.81%, leading to a global revenue of USD 42.66 Bn by 2023.

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Cyberattacks and data breaches in financial services firms are more common than in any other industry. In 2017, a data breach at Equifax created a turmoil in the global markets, since more than 143 Mn consumers were affected by that. Also, incidents like the WannaCry and Petya ransomware in 2017, which badly affected Russian and Ukrainian banks, further exposed the world to direct financial threats posed by cyberattacks. These incidents highlight the urgent need for stringent cybersecurity in financial firms.

In market segmentation by manufacturers, the report covers the following companies-

Experian Information Solutions Inc., IBM Corporation, Accenture PLC., Airbus SE, AlienVault, Inc., etc.

Based on end user industries, the market is segmented into banking, insurance, stock brokerages, credit unions, investment funds, card and mobile payments, and governments. Among these segments, the card and mobile payments segment is expected to register a high growth rate through the forecast period of 2018-2023. Given that card and mobile payments are being adopted swiftly as a mode of cashless transactions, the risk of cyberattacks increases due to the critical nature of the financial data transmitted in each payment.

By solutions and services, the global cybersecurity in financial services market is categorised into mobile enterprise management, endpoint security, identity and access management (IAM), mobile security, security information and event management (SIEM), content security, data loss prevention (DLP), datacenter security, and firewall. The mobile enterprise management solution segment is expected to have the highest growth rate owing to its wide adoption in contactless payment systems within various industries.

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By regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Asia-Pacific is projected to grow with the highest CAGR through the forecast period of 2018-2023.

Key growth factors

Incidents of data breaches are on the rise, thereby having an impact on the digitization of financial services like cashless payments via cards and mobiles. Hackers are finding this sector extremely vulnerable to prey upon. Thus, the threat of cyberattacks on the financial services sector is increasing and consultants are increasingly looking into ways to reduce such cyber risks. This is a major driver for the adoption of cybersecurity in the financial services sector.

In 2016, financial services customers suffered over 60% more cyberattacks than customers in any other sector. This increase in the number and scope of attacks on the financial sector is necessitating governmental actions and policies to curb it. Federal laws like National Cybersecurity Protection Advancement Act, Cybersecurity Information Sharing Act (CISA), etc. are helping accelerate the adoption of cybersecurity in the financial sector.

Threats and key players

Although cybersecurity in financial services market is expected to have positive growth globally, lack of adequate funds may act as a hindrance to the growth of the market. Buyers are allocating exorbitant budgets to tackle cyberattacks but the nature of the crimes is evolving every passing day. Spending on new types of cybersecurity tools and services for companies is a major problem for the financial sector and may hinder the growth of the market.

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Cybersecurity in Financial Services Market Report 2019 forecast to 2027 Market Segment by Regions:

The regional analysis extends to:
North America (USA, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

1) Can the segmentation be customized as per the client's research requirements?
Yes, it can be provided, although the time of delivery will vary, and final confirmation will be given only after our research team checks data availability.

2) How are the companies profiled in the report selected?

Typically, our researchers refer to NAICS Industry standards to include and validate company profiles by studying product portfolios to filter relevant Industry players. The report narrows down on the leading companies in the industry by looking at their gross revenue, market shares, product launches, and recent technological advancements.

**Companies included in the study may vary in the final report subject to factors like change of name, mergers, or other such activities.

3) Is it possible to get segments based on applications or product types?

Yes, depending on data availability and feasibility analysis by our Research Analysts, business segments can be customized as per end-use applications or product types, and can also be offered (If applicable) by revenue size or volume.

4) What is the timeline covered in the report?

The years considered for the study are as follows:

Historical years: 2016-2018

Base year: 2019

Forecast years** - 2020 to 2027 [**unless otherwise stated]

The report also highlights the current growth opportunities for stakeholders to capitalize on, including a detailed analysis of key competitors and market entrants.

TABLE OF CONTENTS

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE STUDY

PART 03: RESEARCH METHODOLOGY

PART 04: GLOBAL Cybersecurity in Financial Services MARKET LANDSCAPE
o Market Summary
o Market segmentation analysis
o Market characteristics

PART 05: Global Cybersecurity in Financial Services MARKET VALUATION
o Market definition
o Market size and forecast
o Market valuation

PART 06: GLOBAL Cybersecurity in Financial Services MARKET SEGMENTATION
o Market segmentation
o Growth opportunities
o Comparative analysis

PART 07: CONSUMER LANDSCAPE

PART 08: REGULATORY FRAMEWORK

PART 09: REGIONAL ANALYSIS

PART 10: MARKET DYNAMICS: DRIVERS, TRENDS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES

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Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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